Any discussion about how to invest trillions of other people’s superannuation requires government-appointed people who exude appropriate levels of power and responsibility.

The best way to do that is by gathering them in a luxury residence, like – oh, I don’t know – a spacious high-rise apartment overlooking Sydney Harbour.

POSTERITY

When a photographer arrives to record the occasion for posterity, everyone must automatically assume a solemn expression because appearing to enjoy themselves might give the plebs the wrong impression.

And so it was when PM Albanese, former Victorian premier Dan Andrews and the architect of the 34-year-old scheme itself former prime minister Paul Keating, turned up to The Australian Financial Review Visy Superannuation Roundtable.

The event was held this week at Visy chairman Anthony Pratt’s harbourside apartment. The photo of the event [above] is curiously redolent of fascist propaganda from the 1920s and 30s.

In the late 1930s, Adolf Hitler used his lavishly renovated Chancellery in Berlin, and a palatial estate in the Alps near the Austrian border (the mid 20th century German equivalent of an apartment overlooking Sydney Harbour).

At the time, he was cultivating a more sophisticated personal image and to host grandiose conferences with senior staff about the future of the German people, and historic meetings with other world leaders.

Photos of these places made the desired impression on the German people – that Hitler (assuming the same solemn expression as the people at Pratt’s place on Monday) was both sophisticated and capable.

History now records they eventually learned to regret that.

The analogy isn’t facetious. The most common definition of fascism these days is a partnership between government and big business, which is true.

Both Hitler and Mussolini used alliances with big companies to their advantage as they acquired power.

What most people fail to notice about the original 20th century fascists, though, is that these partnerships only went one way.

Capitalist corporations don’t become more capitalist by getting into bed with authoritarian politicians. If anything, their capitalistic credentials diminish.

But authoritarian politicians definitely become more authoritarian by convincing the top end of town to get with their program.

Not much has changed.

Albanese made a pitch to the roundtable on Monday that Hitler and Mussolini would have admired.

“There is a real potential to see these funds as a national asset that can be used more appropriately and get better returns as well, not just for individuals and for retirees, but for the nation,” he told the assembled fund managers and banking CEOs.

SOFT

In other words, he wanted access to the funds so he could use them to exercise “soft power” internationally.

You can understand his audacity. Last year, his friend Kevin Rudd hosted the inaugural Australian Superannuation Investment Summit in Washington DC, at which Australian super fund managers were encouraged to invest their members’ money in the US.

It was a raging success.

It is estimated that US$1.44 trillion (yes, trillion) of Australian workers’ retirement savings will be invested in the US by 2035.

And this month Australian Super announced, coincidentally while Indian Prime Minister Narendra Modi was in town, it would add another $500m to its existing investments in Indian infrastructure.

I doubt many of the people who own that money would choose, if they could, to invest it overseas, least of all in the sort of environmental and socialist boondoggles that Albo favours.

They would probably prefer to invest it in Australian businesses, or, heaven forbid, a home for their family. After all, it is their money.

But more alarming is that Albanese thinks he has any potential authority over that money at all.

Too many Australians, encouraged by past governments, have invested millions of dollars into super. They are not allowed to touch that money until retirement.